Ekiti and First Bank disburse ₦50m in grants to 300 entrepreneurs

This Video Is Trending Right Now →

Keypoints

• The Ekiti State Government and First Bank partnered to disburse ₦50 million in grants to 300 innovators and entrepreneurs on Saturday, April 18, 2026.
• Individual grants ranged from ₦150,000 to ₦1 million under the Innovation Enterprises Support Fund (IESF).
• First Bank CEO Olusegun Alebiosu emphasized that the bank’s 132-year history of supporting MSMEs is being leveraged to drive innovation-driven growth in the state.
• Governor Biodun Oyebanji highlighted that the initiative isn’t just about money, but includes a capacity-building framework to ensure long-term business success.
• The selection process was a rigorous four-phase journey, including a boot camp training and business iteration before final disbursement.

Main Story

Ekiti State is positioning itself as a rising digital hub through a strategic financial boost for its local talent. On Saturday, 300 carefully selected entrepreneurs gathered in Ado-Ekiti to receive a share of a ₦50 million grant aimed at scaling up tech-enabled businesses and startups.

The initiative, tagged the Innovation Enterprises Support Fund (IESF), represents a significant collaboration between the state government and First Bank to tackle the funding gap often faced by early-stage businesses.

Representing the First Bank CEO, Adebayo Yakubu noted that the partnership goes beyond a simple bank transfer; it is designed to provide mentorship and market access to businesses that show high potential.

Governor Oyebanji, speaking through his Chief of Staff, urged the beneficiaries to use the funds with discipline, noting that the ultimate goal is to create a ripple effect of job creation and economic stability throughout Ekiti.

The Issues

The primary challenge is the “funding-to-sustainability” gap; while ₦1 million can help a business start, it often isn’t enough to survive the high cost of doing business in Nigeria without follow-up support.

Authorities must solve the problem of milestone monitoring, as the grants are meant to be used for specific growth targets rather than just operational overhead.

Furthermore, there is a market-access risk; small businesses in Ekiti need to be able to reach customers beyond the state to truly scale, which is why the promised mentorship is critical. To succeed, the Ministry of Innovation, Science and Digital Economy must ensure that these 300 entrepreneurs remain connected to the state’s broader digital ecosystem to prevent “brain drain” to Lagos or Abuja.

What’s Being Said

• “MSMEs are enablers of economic growth… we have stood beside Nigerian businesses for 132 years,” stated Olusegun Alebiosu, CEO of First Bank.
• Governor Biodun Oyebanji described the fund as a “testament to what can be achieved when public leadership aligns with private sector commitment.”

What’s Next

• A post-disbursement mentorship phase is expected to begin for the 300 beneficiaries to help them manage their new capital effectively.
• Impact assessments will likely be conducted by the Ministry of Innovation later this year to track how many jobs were created by these startups.
• Future rounds of IESF may be announced if this first ₦50 million phase shows successful “milestone-based” growth among the participants.
• Collaborations with tech hubs in Lagos are anticipated to provide Ekiti-based innovators with wider networking opportunities.

Bottom Line

Ekiti is proving that you don’t need a massive national budget to make a local impact. By targeting 300 entrepreneurs with ₦50 million and the right training, the state and First Bank are laying the foundation for a more resilient and self-sufficient local economy.